Tethys Petroleum Press Release: Corporate update
Rhea-AI Summary
Tethys Petroleum (TSXV: TPL, OTC: TETHF) reported that on July 10, 2026, a Kazakhstan first-instance administrative court granted an administrative claim filed by TAG against a court bailiff’s order for forced sale of certain pledged TAG assets, including gas infrastructure, cancelling the bailiff’s order.
According to Tethys Petroleum, the court indicated the bailiff should again allow TAG to pursue a voluntary sale of the pledged assets. A full written decision is expected within five business days, after which the court bailiff and DSFK may appeal within 10 days.
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Positive
- Kazakhstan court cancels bailiff order for forced sale of TAG assets
- Court indicates TAG may again pursue voluntary sale of pledged assets
- Written decision expected within five business days, adding procedural clarity
Negative
- DSFK and court bailiff may appeal ruling within 10 days of written decision
- Enforcement proceedings regarding pledged TAG assets remain ongoing and unresolved
Grand Cayman, Cayman Islands--(Newsfile Corp. - July 10, 2026) - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") is pleased to provide an update on the Company's operations in the Republic of Kazakhstan.
Kazahkstan Court ruling
On July 10, 2026, a Kazakhstan first-instance administrative court granted the administrative claim filed by TAG challenging the court bailiff's order to proceed with the forced sale of certain pledged TAG assets, including pledged TAG gas infrastructure assets. The court cancelled the relevant order of the court bailiff. Based on the oral ruling and information received from the Company's Kazakhstan counsel, the court indicated that the bailiff should allow TAG to conduct a voluntary sale of the pledged assets again, as the previous voluntary sale had not been accepted by the bailiff. The full written decision is expected to be issued within five business days. The court bailiff and DSFK, the claimant in the related enforcement proceedings, have the right to appeal within 10 days after the written decision is issued. The Company will provide further updates as appropriate.
About Tethys
Tethys is focused on oil and gas exploration and production activities in Central Asia.
Disclaimer
Some of the statements in this document are forward-looking. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Tethys Petroleum
Casey McCandless
Chief Financial Officer info@tethys-group.com
901-763-4001 www.tethys-group.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/304836